Crude Oil Fluctuates, Gold Gains on Concerns About Growth
Crude oil today gained 1 percent, retreated 0.8 percent and later fluctuated. Crude gained as US reserves declined by 4.0 million barrels to 353.1 million last week, while analysts predicted a decline by 1.9 million. Oil lost its gains on speculation that the global economic growth is faltering. October contract for delivery of crude oil fell $0.07 to $89.27 per barrel by 12:13 on NYMEX, while today’s price range was from $88.59 to $90.23.
The same concerns that hurt oil boosted gold. Worries about economic recovery intensified after US jobless claim climbed from 412,000 to 414,000 last, while they were expected to go down to 407,000. Today’s speech of European Central Bank President
If you have any questions and comments on the commodities today, use the form below to reply.